Exhibit 10-187
AMENDMENT NO. 15 TO CREDIT FACILITY AND SECURITY AGREEMENT
This Amendment No. 15 (the "Amendment") dated as of December
31, 2001, to the Credit Facility and Security Agreement by and between Bank One,
NA ("Lender"), Lexington Precision Corporation ("LPC"), and Lexington Rubber
Group, Inc. ("LRGI").
WHEREAS, Lender, LPC, and LRGI are parties to a Credit
Facility and Security Agreement dated as of January 31, 1997, including Rider A
thereto (the "Agreement").
WHEREAS, LPC, LRGI, and Lender desire to amend the Agreement
as provided herein.
NOW, THEREFORE, in consideration of the premises and the
mutual promises contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the parties
hereto, the parties hereto hereby agree as follows:
1. Capitalized terms used herein, unless otherwise defined
herein, shall have the meaning ascribed thereto in the Agreement.
2. Section 2.A of Rider A to the Agreement is hereby amended
in its entirety to read as follows:
B. Maintain on a basis consolidated with LPC's direct and
indirect subsidiaries at all times a Tangible Net Worth equal
to or greater than (i) SEVEN MILLION AND NO/100 DOLLARS
($7,000,000) from December 31, 2001 through June 30, 2002; and
(ii) TWELVE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS
($12,400,000) on and after July 1, 2002.
3. Except as specifically amended herein, the Agreement
remains in effect in accordance with its terms.
IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their respective duly
authorized officers as of the day and year first written above.
BANK ONE, NA
By: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Title: Vice President
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LEXINGTON PRECISION CORPORATION
By: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Title: Chairman of the Board
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LEXINGTON RUBBER GROUP, INC.
By: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
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Title: Chairman of the Board
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